Bitcoin Climbs 3.5% to $6,300, Defying Analysts' Bearish Calls
Bitcoin recently fell below its 50-day moving average, prompting various bearish calls from analysts. Notably, the cryptocurrency now bounced 3.5% to $6,300, putting it above the 50-day moving average. Bitcoin, the flagship cryptocurrency, recently saw its price climb over 3.5% in the last 24-hour period and is now trading above the $6,300 mark. The price rise is notable as after it declined despite seemingly drowning in a sea of good news analysts started making bearish calls. One of the most notable bearish calls came from Bloomberg Intelligence analyst Mike McGlone, who stated the cryptocurrency was going to fall below its year-to-date low of about $5,800. He stated: "Bitcoin is in dump mode, following the pump run-up on the potential for a U.S. ETF. It may not subside until revisiting good support near $4,000 -- last year’s mean."